203k Consulting Mortgage Loan & Free Inspection Services
Honest- Reliable- Professional
The 203k Consultant is an integral part of a successful 203k loan transaction. The role of the consultant is vital to the timely completion and closure of 203k loan applications. Accurate estimating and rapid turnaround time are qualities that will assist both borrower and lender in achieving their mutual goal of a timely closing.
These are just two of the qualities that define our 203k Consulting service. Our efficient use of state of the art construction estimating software and electronic data transfer allow us to consistently submit work write-ups within 48 hours of the site visit.
HUD Certified Since 1994
What we do
We Conduct A Site Visit:
The 203K Consultant meets with the borrower at the site. A Fesibility Study is done to make sure the property meets FHA 203k Guidelines. If feasible, the buyer signs Consultant Agreement and pays Consultant a retainer fee.
The Consultant prepares a detailed Work Write-Up which contains:
Construction cost analysis Clear, concise project specifications HUD required draw request forms Preparation of contractor bid packages Preparation of lender packages.
The 203k Consultant delivers the Work Write-Up Packages:
Borrower / Lender / Contractor
Selection of a Contractor by the Borrower:
The Borrower selects a contractor. Borrowers should be aware that many lenders may have contractor qualification criteria. Some lenders maintain a list of contractors that have met their qualification criteria. Discuss contractor selection with your lender to learn about their contractor requirements. If you’re considering a contractor which has not yet been approved by your lender or has never done a 203(k), it is important that they are informed early on about the 203(k) concept as it applies to contractors.
Repair funds are placed in escrow.
203K Consultant Performs Draw Request Inspections:
1st Draw – Consultant insures permits were issued.
2nd and 3rd Draw – Draw request inspections are performed as work progresses.
4th Draw – A punch list is established.
5th Draw – The project is closed out and warranties and lien releases collected.